Hut 8 (NASDAQ:HUT) Shares Gap Up – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Wednesday . The stock had previously closed at $25.62, but opened at $27.00. Hut 8 shares last traded at $26.48, with a volume of 836,392 shares changing hands.

Analyst Ratings Changes

Several analysts have recently commented on HUT shares. Cantor Fitzgerald initiated coverage on shares of Hut 8 in a research report on Monday. They issued an “overweight” rating and a $35.00 price target on the stock. Canaccord Genuity Group increased their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum boosted their price target on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus upped their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average target price of $30.86.

Hut 8 Stock Performance

The firm has a fifty day moving average price of $19.52 and a 200-day moving average price of $15.11. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after acquiring an additional 307,292 shares during the period. JAT Capital Mgmt LP acquired a new position in Hut 8 during the third quarter worth approximately $32,260,000. Geode Capital Management LLC raised its stake in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the period. D1 Capital Partners L.P. acquired a new position in shares of Hut 8 in the 2nd quarter valued at $17,388,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after buying an additional 197,074 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.